We report the degradation study on AlGaN-based 265 nm ultraviolet light-emitting diodes (UV-LEDs) under a series of constant current stress. The failure mechanisms were investigated systematically by measuring the optical and electrical characteristics of the LEDs before and after aging. The variation of carrier concentration in the active region was analyzed by capacitance–voltage. Combining the extracted apparent charge distribution profiles with the simulation results of the devices before and after the stress, we found that the change of carrier concentration in the multiple quantum wells was related to the donor diffusion on the n-side. On the p-side, both the acceptor concentration of electron blocking layer (EBL) and the defects in p-GaN contact layer were also found to be under constant change. The reduction of the EBL doping concentration has contributed to an increase of the diode depletion width during the stress. The changes in the LEDs before and after stressing indicate a compensating effect occurred in the p-type EBL close to the quantum wells, which leads to the degradation of the optical power of the 265 nm UV-LEDs.